Now that it has acquired $593 million in additional Bitcoin, MicroStrategy’s holdings exceed $6 billion.
Buying 16,130 bitcoins in November was a huge step for business analytics company MicroStrategy to increase its bitcoin holdings. With this $593.3 million strategic acquisition, the firm’s overall Bitcoin holdings have surpassed $6 billion in value, which is quite an accomplishment.
This purchase is in keeping with MicroStrategy’s long-term commitment to Bitcoin, which it began using as a reserve asset for its treasury in August 2020.
Michael Saylor, co-founder of MicroStrategy, announced the firm’s most recent Bitcoin acquisition on November 30. According to MicroStrategy’s estimate, they had 174,530 bitcoins on hand as of the announcement. With a market price of $37,726 per bitcoin as of November 29, their holdings were worth almost $6.6 billion.
This action by MicroStrategy is in line with its persistent strategy of amassing Bitcoin assets, which has been continuing since the company’s significant decision to include bitcoin as a critical part of its cash reserves. Adding 16,130 bitcoins to its portfolio, MicroStrategy is a formidable contender in the cryptocurrency industry.
Since August 2020, when it first announced its support for Bitcoin, MicroStrategy has continuously shown its dedication to the coin. This commitment is shown by a string of large Bitcoin transactions, the most recent being the purchase of 5,445 bitcoins in September for almost $147 million.
Notable accomplishments have followed these key purchases for MicroStrategy. The tremendous profit of $900 million from the company’s Bitcoin assets was recorded in the third quarter of 2023. At the time, MicroStrategy CEO Phong Le signaled the firm’s ongoing faith in Bitcoin as an asset class by saying the business would keep its approach to Bitcoin purchases similar.
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